Foreclosure filings hit new record in March

SimonKennedy

LONDON (MarketWatch) -- RealtyTrac, an online marketplace for foreclosure properties, said foreclosure filings, including default notices, auction sale notices and bank repossessions, on U.S. properties reached 341,180 in March. The figure represents a 17% increase from February and is up 46% from a year earlier. The group said the March reading is the highest monthly total since it began issuing its report in Jan. 2005, although it added bank repossessions dipped 3% from February's total. "Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays," said CEO James Saccacio.

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